When OPEC and Russia meet to review their strategy for clearing a global oil glut, they’ll face an unusual problem.
As their output cuts, coupled with robust global demand, tighten the market, crude prices have soared to a three-year high near US$70 a barrel. That’s prompted warnings — from Iran’s oil minister to Goldman Sachs Group Inc. — of a fresh surge in U.S. production, wrecking all of OPEC’s hard work.
Source:www.mining.com